News & Analysis as of

Consumer Financial Products Consumer Financial Protection Bureau (CFPB) New Legislation

Sheppard Mullin Richter & Hampton LLP

New Hampshire Updates Motor Vehicle Retail Installment Act: What Lenders Need to Know

On August 2, New Hampshire passed House Bill 1243 (the “Bill”), which substantially amends its Motor Vehicle Retail Installment Sales Act (the “Act”). The Bill is effective as of August 2....more

Goodwin

2023 Year in Review: Fintech

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Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Hudson Cook, LLP

New York Moves to Vest DFS With Control Over Certain Deposit Charges

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Over the past year, there have been numerous efforts by federal regulators - in particular the Consumer Financial Protection Bureau - to rein in "junk fees." The CFPB defines a "junk fee" to be an unnecessary and unavoidable...more

Sheppard Mullin Richter & Hampton LLP

Nevada EWA Legislation Creates Novel Regulatory Framework

In June, the Nevada governor signed SB 290 into law, making Nevada the first state to enact legislation creating a comprehensive statutory framework that specifically defines and regulates the provision of earned wage access...more

Ballard Spahr LLP

Nevada passes law to regulate earned wage access providers

Ballard Spahr LLP on

On June 13, Nevada’s governor signed into law Senate Bill 290 creating the nation’s first statutory framework for earned wage access (EWA) providers operating in the state.  The law appoints the state’s Commissioner of...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

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Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

Ballard Spahr LLP

Department of Defense Issues Additional MLA Rule Interpretive Guidance; SCRA Foreclosure Protections Extended

Ballard Spahr LLP on

Last week the Department of Defense (DoD) issued an interpretive rule under the DoD’s Military Lending Act final rule (MLA Rule). The interpretive rule amends four of the “Q&A” format interpretations that DoD issued on August...more

Ballard Spahr LLP

California and Washington, D.C. issue student loan servicing regulations

Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

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